Commodity Price Outlook
	2020				2021				2022
	Q1	Q2	Q3	Q4F	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Crude Oil (WTI, $US/bbl)	46	28	41	42	45	47	49	50	51	52	53	54
Natural Gas ($US/MMBtu)	1.91	1.71	1.99	2.60	2.80	2.70	2.60	3.00	3.10	2.90	2.80	3.15
Gold ($US/troy oz.)	1582	1714	1909	1875	1875	1850	1850	1825	1800	1775	1750	1725
Silver ($US/troy oz.)	16.90	16.38	24.26	24.15	24.15	24.00	24.00	23.50	23.25	23.00	22.75	22.50
Copper (cents/lb)	255	243	296	320	320	321	323	324	319	315	312	310
Nickel ($US/lb)	5.76	5.56	6.46	7.15	7.33	7.35	7.37	7.38	7.35	7.37	7.05	7.05
Aluminum (cents/lb)	77	68	77	86	86	86	84	81	78	78	75	75
Wheat ($US/bu)	6.60	6.46	6.36	6.81	6.83	6.84	6.84	6.84	6.82	6.80	6.77	6.75
F: Forecast by TD Economics as at December 2020. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver).